# STATE BANK OF MORGAN

> **Failed bank** · MORGAN, MN · failed 1988-03-18 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $2M

## What happened

STATE BANK OF MORGAN of MORGAN, MN was closed by regulators on **1988-03-18**. The FDIC was named receiver.

**Resolution:** Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to **FARMERS&MERCHANTS STB SP** (SPRINGFIELD, MN). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 1652
- **FDIC Certificate:** 1930
- **FDIC FIN:** 2798
- **Bank name:** STATE BANK OF MORGAN
- **Location:** MORGAN, MN
- **Failure date:** 1988-03-18
- **FDIC resolution date:** 1988-03-18
- **Charter type:** State commercial bank, non-Federal Reserve member (FDIC-supervised)
- **Resolution type:** Purchase & Assumption — acquiring bank assumed deposits + bought assets
- **Estimated FDIC DIF cost:** $2M
- **Deposits at failure:** $20M
- **Assets at failure:** $20M
- **Acquiring bank:** FARMERS&MERCHANTS STB SP (SPRINGFIELD, MN)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=STATE%20BANK%20OF%20MORGAN

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, STATE BANK OF MORGAN (FDIC ID 1652), failed 1988-03-18. Retrieved via AI Analytics 2026-05-20 from https://api.ai-analytics.org/failed-bank/1652.

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